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Repligen Corporation 41 Seyon Street Building #1, Suite 100 Waltham, Massachusetts 02453 Repligen Reports Second Quarter 2015 Financial Results - Product Sales Increase 38% to a Record $21.5 Million - - Conference Call a

Key Takeaway: Repligen Reports Second Quarter 2015 Financial Results - Product Sales Increase 38% to a Record $21.5 Million - - Conference Call and Webcast Today at 8:30 a.m. ET - WALTHAM, MA August 6, 2015 Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing

Full Press Release Details

Repligen Reports Second Quarter 2015 Financial Results
- Product Sales Increase 38% to a Record $21.5 Million -
- Conference Call and Webcast Today at 8:30 a.m. ET -
WALTHAM, MA August 6, 2015 Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology
leadership, today reported financial results for the second quarter and six-month (year-to-date) periods ended June 30, 2015. Below are the Company s performance highlights, followed by updated financial guidance for the year 2015 and
access information for today s webcast and conference call.
Second Quarter and Year-to-Date Financial Highlights
Total operating expenses for the three-month period ended June 30, 2015 were $16.8 million compared to $12.4 million for the same period in 2014, an
increase of $4.4 million. The increase in total operating expense included a $1.9 million increase in cost of product revenue associated with higher product sales, $0.8 million in contingent consideration expense based on the high probability of
achieving 2015 sales milestones for the ATF System and a $1.9 million increase in sales, general and administrative (SG&A) expense. The increase in SG&A expense is due primarily to costs related to the expansion of staffing, systems and
facilities to support current and future growth.
Tony J. Hunt, President and CEO of Repligen said, During the second quarter, increased demand for
our Protein A affinity ligands and ATF Systems were key drivers of revenue growth and gross margin expansion. We are very encouraged by the uptake in ATF Systems since our acquisition of the technology in June of last year. As we enter the second
half of what has been a very strong year to date, we are raising our full year guidance and are confident that our focus on growth and our commitment to bioprocessing technology leadership will continue to drive value for our customers and
Financial Guidance for 2015
on our second quarter results and expectations for the remainder of 2015, we are revising our financial guidance as summarized below. This guidance for the year 2015 is based on expectations for our existing business and does not include the impact
on our revenue and expenses of potential milestone payments, the financial impact of potential bioprocessing acquisitions or future fluctuations in foreign currency exchange rates.
Repligen will host a conference call and
webcast today, August 6, 2015 at 8:30 a.m. ET, to discuss second quarter 2015 financial results and business updates. The live call can be accessed by dialing toll-free (844) 835-7432 for domestic callers or (404) 537-3372 for
international callers. Dial-in participants must provide the passcode 91950805. In addition, a webcast will be accessible via the Investor Relations section of Repligen s website www.repligen.com; see Events & Presentations. Both the
conference call and webcast will be archived for a period of time following the live event. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Replay listeners must provide the
Non-GAAP Financial Measures
this release, the Company is reporting earnings before interest, taxes, depreciation and amortization (EBITDA). EBITDA is a non-GAAP financial measure and should not be viewed as an alternative to GAAP measures of performance. The Company has
provided a reconciliation of GAAP net income to EBITDA at the end of this release. The Company believes that the use of this non-GAAP measure better enables management and investors to benchmark its results against historical performance and the
performance of peers and to evaluate acquisition and other investment opportunities.
About Repligen Corporation
Repligen Corporation (NASDAQ:RGEN) is a life sciences company focused on the development and commercialization of high-value consumable products used in the
process of manufacturing biological drugs. Our bioprocessing products are sold to major life sciences and biopharmaceutical companies worldwide. We are the leading manufacturer of Protein A affinity ligands, a critical component of Protein A media
that is used to separate and purify monoclonal antibody therapeutics. Our ATF System and our growth factor products are used to increase product yield during the fermentation stage of biologic drug manufacturing. In addition, we developed and market
an innovative line of ready-to-use chromatography columns under our OPUS brand that we deliver pre-packed with our customers choice of purification media. Repligen s
corporate headquarters are in Waltham, MA (USA) and our manufacturing facilities are located in Waltham, MA and Lund, Sweden.
constitutes a Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Investors are cautioned that statements in this press release which are not strictly historical statements, constitute forward-looking statements, including, without limitation, express
or implied statements or guidance regarding future financial performance and position, including cash and investment position, the future demand for our bioprocessing products, objectives for future operations, our receipt of any future payments
under the terms of our agreement with BioMarin, our contingent payment obligations under the terms of our agreement with Refine, plans and objectives for product development and acquisitions, our market share and product sales and other statements
identified by words like believe, expect, may, will, should, seek, anticipate, or could and similar expressions. Such forward-looking statements are
subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: our ability to successfully grow our bioprocessing business, including
as a result of acquisition, commercialization or partnership opportunities; our ability to develop and commercialize products and the market acceptance of our products; reduced demand for our products that adversely impacts our future revenues, cash
flows, results of operations and financial condition; the success of current and future collaborative or supply relationships, including our agreement with BioMarin; our ability to compete with larger, better financed bioprocessing, pharmaceutical
and biotechnology companies; our ability to optimize manufacturing process; our compliance with all Food and Drug Administration and EMEA regulations; our volatile stock price; and other risks detailed in Repligen s Annual Report on Form 10-K
on file with the Securities and Exchange Commission and the other reports that Repligen periodically files with the Securities and Exchange Commission. Actual results may differ materially from those Repligen contemplated by these forward-looking
statements. These forward looking statements reflect management s current views and Repligen does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the
date hereof except as required by law.
Senior Director Investor Relations
Repligen Corporation
REPLIGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three months ended June 30, Six months ended June 30,
2015 2014 2015 2014
Revenue:
Product revenue $ 21,457,267 $ 15,551,077 $ 42,273,543 $ 29,885,764
Royalty and other revenue 1,991,166
Total revenue 21,457,267 15,551,077 42,273,543 31,876,930
Operating expenses:
Cost of product revenue 8,586,147 6,671,581 16,659,051 13,006,645
Cost of royalty revenue
Research and development 1,251,576 1,430,133 2,819,150 2,631,123
Selling, general and administrative 6,242,275 4,325,834 12,266,801 7,709,444
Contingent consideration - fair value adjustments 768,556 17,700 1,880,930 116,020
Total operating expenses 16,848,554 12,445,248 33,625,932 23,463,232
Income from operations 4,608,713 3,105,829 8,647,611 8,413,698
Investment income 19,012 84,920 55,597 186,736
Interest expense (7,788 ) (12,780 ) (16,829 ) (26,865 )
Other (expense) income (268,549 ) 65,280 (136,518 ) 67,785
Income before income taxes 4,351,388 3,243,249 8,549,861 8,641,354
Income tax provision 738,831 417,827 2,007,817 1,538,829
Net income $ 3,612,557 $ 2,825,422 $ 6,542,044 $ 7,102,525
Earnings per share:
Basic $ 0.11 $ 0.09 $ 0.20 $ 0.22
Diluted $ 0.11 $ 0.09 $ 0.19 $ 0.22
Weighted average shares outstanding:
Basic 32,870,473 32,233,694 32,827,536 32,098,269
Diluted 33,670,696 33,076,384 33,581,682 32,963,554
Comprehensive income (loss) $ 5,054,633 $ 1,372,701 $ 4,118,142 $ 5,508,834
June 30, 2015 December 31, 2014
Balance Sheet Data:
Cash, cash equivalents and marketable securities* $ 64,390,336 $ 62,003,443
Working capital 77,441,580 70,263,229
Total assets 137,344,655 128,293,234
Long-term obligations 3,296,446 5,879,013
Accumulated deficit (74,345,164 ) (80,887,208 )
Stockholders equity 118,222,538 111,731,808
REPLIGEN CORPORATION
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP EBITDA
Three months ended June 30, Six months ended June 30,
2015 2014 2015 2014
GAAP NET INCOME 3,612,557 2,825,422 6,542,044 7,102,525
Non-GAAP Adjustments:
Investment Income (19,012 ) (84,920 ) (55,597 ) (186,736 )
Interest Expense 7,788 12,780 16,829 26,865
Tax Provision 738,831 417,827 2,007,817 1,538,829
Depreciation 744,586 648,057 1,494,659 1,285,344
Amortization 399,550 315,147 800,972 570,268
NON-GAAP EBITDA 5,484,299 4,134,313 10,806,724 10,337,095
Last updated: Aug 6, 2015